Final pieces fall into place for ING exit

The sale of ING Real Estate Community Living Group’s (ILF) remaining US assets – valued on the parent’s books at about $164 million and comprising six prime senior living sites in Long Island, New York – is expected to be announced as early as today.

The sale is one of the final pieces in ING’s exit from Australia and the overhaul of the ownership and management structure of ILF.

Certainly, a sale will further boost ILF’s balance sheet ahead of its internalisation, on which shareholders are set to vote on May 31.

ILF boss
Simon Owen
is said to have received positive feedback towards supporting the motion from the likes of corporate raider
Ron Brierley
, who jumped on to the top 10 shareholders register at the start of year, as well as savvy fund manager Orbis, the largest individual stakeholder with 19 per cent.

ING Real Estate Community Living, to be rebranded as Ingenia Communities, is also assessing a number of acquisitions.

These include a portfolio of 10 rental retirement villages for sale under instructions from receivers PPB Advisory. The receivers were appointed to Young Estate Villages, a subsidiary of failed financial services group MFS, by mortgagee Fortress Investment Group.